Bakkt removes SOL, MATIC, and ADA from its listings in response to regulatory ambiguity

Bakkt removed solana (SOL), polygon (MATIC), and cardano (ADA), citing regulatory uncertainty in the United States. The exchange says it is waiting for more clarity on how to offer more compatible altcoins.

The current regulatory dark clouds in the US continue to weigh on the crypto industry, with Bakkt announcing the deletion of SOL, MATIC, and ADA.

The decision comes as the US Securities and Exchange Commission (SEC) continues its offensive against Web3 market participants in the country, despite its failure to formulate clear guidelines for the fledgling industry.

The lawsuits filed by the SEC against Binance and Coinbase allege that both exchanges facilitated the trading of unregistered securities, including SOL, MATIC, and ADA. Bakkt General Counsel and General Secretary Mark D’Annunzio emphasized the need for more clarity before more coins are introduced for compliance.

Earlier this month, the Gary Gensler-led watchdog identified 67 altcoins as securities, with a total market capitalization of $100 billion.

Robinhood, a US financial services company, recently announced plans to stop supporting solana, polygon, and cardano by June 27 in line with current regulatory measures.

Similarly, eToro, a social trading platform, has stated that it will remove polygon, MANA, DASH, and ALGO from its US platform starting July 12.

Bakkt also delisted ALGO and MANA earlier this year following a lawsuit filed by the SEC against the now bankrupt Bittrex. However, Bakkt still supports eight cryptocurrencies, including BTC, ETH DOGE, LTC USDC, and Shiba Inu. While regulatory issues persist, Bakkt aims to strengthen compliance efforts and adapt to changes.